This publication provides three times a year – in February, June and October – an assessment of trends and prospects in the international and major domestic financial markets of the OECD area.

Each issue includes comprehensive commentary, statistics and charts on current developments in internationally syndicated medium-term euro-credits, other international bank lending, euro-bonds and traditional foreign bond issues. and a review of monetary and financial trends in major OECD Member countries.

Analyses of, and statistics and charts on, current developments may from time to time be supplemented by special features dealing with financial matters of topical interest or with developments over the longer term in specific sectors of the international market or major domestic financial markets.

Notice Financial Market Trends is published on the responsibility of the Secretary-General and the views expressed therein are not necessarily those of the Organisation for Economic Co-operation and Development which assumes no liability concerning the contents of this publication.

Queries concerning the contents of the bulletin should be addressed to the Financial Affairs Division of the OECD Directorate for Financial, Fiscal and Enterprise Affairs (tel.: 01 45 24 91 06, 01 45 24 91 31 and 01 45 24 79 90). * * *

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Co-operation and Development (OECD) shall promote policies designed:

– to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus to contribute to the development of the world economy;

– to contribute to sound economic expansion in Member as well as non-member countries in the process of economic development; and

– to contribute to the expansion of world trade on a multilateral, non-discriminatory basis in accordance with international obligations.

The original Member countries of the OECD are Austria, Belgium, Canada, Denmark, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The following countries became Members subsequently through accession at the dates indicated hereafter: Japan (28th April 1964), Finland (28th January 1969), Australia (7th June 1971), New Zealand (29th May 1973), Mexico (18th May 994), the Czech Republic (21st December 1995), Hungary (7th May 1996), Poland (22nd November 1996) and the Republic of Korea (12th December 1996). The Commission of the European Communities takes part in the work of the OECD (Article 13 of the OECD Convention).

Highlights
………………………………………………………………………………………………………………………..
International Financial Markets…………………………………………………………………………………..
National Financial Markets …………………………………………………………………………………………
Special Feature
Privatisation: Recent Trends…………………………………………………………………………………………….
Introduction and summary………………………………………………………………………………………..
Trends and Prospects ……………………………………………………………………………………………….
Privatisation in 1996 ……………………………………………………………………………………………….
Privatisation in 1997 ……………………………………………………………………………………………….
Structural aspects of privatisation …………………………………………………………………………….
Privatisation by sector ……………………………………………………………………………………………
Privatisation methods …………………………………………………………………………………………….
Privatisation by residency of buyer ………………………………………………………………………..
Privatisation by type of buyer ………………………………………………………………………………..
Impact on capital markets …………………………………………………………………………………………
Notes……………………………………………………………………………………………………………………………….
References ………………………………………………………………………………………………………………………..
Overview………………………………………………………………………………………………………………………..
Salient features of international market developments in 1996 ………………………………..
Emerging markets …………………………………………………………………………………………………….
Primary markets ……………………………………………………………………………………………………..
Secondary markets …………………………………………………………………………………………………
Developments and prospects …………………………………………………………………………………..
International Bond Markets ………………………………………………………………………………………….
Introduction ……………………………………………………………………………………………………………..
Currency sectors ………………………………………………………………………………………………………..
Categories of borrowers ……………………………………………………………………………………………
Borrowers by nationality …………………………………………………………………………………………..
Straight bonds ………………………………………………………………………………………………………….
Floating rate notes ……………………………………………………………………………………………………
Equity-related bonds ……………………………………………………………………………………………….
Global bonds ……………………………………………………………………………………………………………
United States dollar offerings ……………………………………………………………………………………
Offerings in Japanese yen …………………………………………………………………………………………
Offerings in Deutschmark………………………………………………………………………………………….

International Equities ……………………………………………………………………………………………………
International Syndicated Credits ………………………………………………………………………………….
Medium-Term Borrowing Facilities ………………………………………………………………………………
International Financial Markets
Statistical Annex ………………………………………………………………………………………………………………..
National Financial Markets …………………………………………………………………………………………..
United States ……………………………………………………………………………………………………………
Japan ………………………………………………………………………………………………………………………
Germany …………………………………………………………………………………………………………………
France …………………………………………………………………………………………………………………….
Italy ………………………………………………………………………………………………………………………..
United Kingdom ……………………………………………………………………………………………………..
Canada……………………………………………………………………………………………………………………
Switzerland …………………………………………………………………………………………………………….
Notes ……………………………………………………………………………………………………………………………..
National Financial Markets
Statistical Annex ………………………………………………………………………………………………………………
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